ATLANTA, June 26, 2025 /PRNewswire/ -- Eagle Merchant Partners ("Eagle" or the "Firm") has made the first investment from its recently closed Fund II, backing Aligned Fitness, a leading Southeast-based Franchisee of Club Pilates. The private equity firm is partnering with Aligned's leadership to accelerate growth through new studio development and strategic acquisitions across the Southeastern and Mid-Atlantic United States.

Founded in 2016, Aligned Fitness is led by CEO Jon Smith, along with founders Joe and Kerry Ruggieri, who will remain in their roles and continue to drive the platform. Eagle also completed two add-on acquisitions: Crescent Concepts, LLC, which operates Club Pilates studios in South Carolina and North Carolina, and Next Twenty, LLC, which operates Club Pilates studios in Georgia. The combined Aligned platform will operate 34 studios today across North Carolina, Georgia and South Carolina.

"The Club Pilates system represents a highly attractive opportunity given its market leading brand within the pilates sector, passionate and inclusive member base and strong unit economics," said Jake Rubenstein of Eagle Merchant Partners. "Jon, Joe, Kerry and their team have built a differentiated platform focused on providing a consistent, high-quality experience to their members, and we are investing in their vision for growth."

Aligned Fitness marks Eagle's third transaction in the health and wellness sector, following its acquisition of AYA Medical Spa and previous investment in United Planet Fitness. The firm has deep experience in multi-unit and franchise businesses, with a focus on owner-operated companies across the Southeast.

"We were drawn to Eagle's track record in wellness and franchising," said Jon Smith, CEO of Aligned Fitness. "They understand the dynamics of growing a multi-unit consumer business and bring the right mix of operational and strategic support as we expand."

The boutique fitness industry, estimated at $24 billion and growing at more than 12 percent annually, continues to benefit from post-COVID consumer focus on personalized offerings.

Piper Sandler advised Aligned Fitness and Williams Mullen acted as legal counsel. King & Spalding acted as legal counsel for Eagle Merchant Partners and Miller & Martin acted as legal counsel to Eagle & Aligned for the two add-on acquisitions.

Eagle closed its second fund, Eagle Merchant Partners Fund II, with $415 million in capital commitments in May 2025.

Thornton Kennedy
thornton@prsouth.net
C | 404.210.0363

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SOURCE Eagle Merchant Partners